Health care professionals in America also reported a higher level of "administrative burden. As for the drug market, the U. Switzerland followed closest behind the U. Individual services cost a lot more, too.
In , "the average cost in the U. Higher spending in some areas could make sense. Investing in pharmaceuticals, for instance, is believed to lead to innovation. Indeed, in "the U. Still, they conclude, "whether innovation justifies high levels of spending is not clear.
As for salaries, high income may boost performance, and studies have suggested that some countries don't pay their health care professionals enough. What's more, high wages in the U. Overall, the researchers believe prices in these areas should be analyzed and cut where possible. One of the more notable findings in this report is that, at least in some areas, the quality of health care in the U.
Long wait times for treatment, for example, are not as much of an issue for Americans as they are elsewhere. In treating heart attacks and strokes, the U. Through pharma companies that get rich by addicting people, and through excessive costs that lower wages and eliminate good jobs, the industry that is supposed to improve our health is undermining it. This essay is adapted from their new book, Deaths of Despair and the Future of Capitalism.
This article is part of a special project about equality in America today. Contact us at letters time. By Anne Case and Angus Deaton. Case is a professor of economics at Princeton University. Deaton is the recipient of the Nobel Prize for Economics and professor of economics at Princeton University. Their new book is Deaths of Despair and the Future of Capitalism.
TIME Ideas hosts the world's leading voices, providing commentary on events in news, society, and culture. We welcome outside contributions. Opinions expressed do not necessarily reflect the views of TIME editors. Each product we feature has been independently selected and reviewed by our editorial team. If you make a purchase using the links included, we may earn commission. Related Stories. Already a print subscriber? List of Partners vendors.
The pressure on our sprawling healthcare system in the U. Massive federal cash influxes have sought to shore up hospitals sagging under the weight of the testing and treatment burden and the related temporary cessation of elective surgery and regular medical care that occurred in and is reemerging in the second half of Long before this crisis, the U.
Life expectancy in the U. The high cost of healthcare affects everyone, sick or well. It has depressed individual spending power for the past few decades. Salaries for American workers have risen, but net pay has stayed the same because of increasing charges for health insurance. Today, tightening up on overspending is urgent to help stretch medical and hospital resources to deal with the pressure on the overall system.
Here are six underlying reasons for the high cost of healthcare in the U. The U. In each of these sectors consumers must choose among several tiers of coverage, high deductible plans , managed care plans HMOs and PPOs and fee-for-service systems. These plans may or may not include pharmaceutical drug insurance which has its own tiers of coverage, deductibles , and copays or coinsurance.
For providers, this means dealing with myriad regulations about usage, coding, and billing. And, in fact, these activities make up the largest share of administrative costs. On average, Americans shell out almost four times as much for pharmaceutical drugs as citizens of other industrialized countries pay. High drug prices are the single biggest area of overspending in the U. With little regulation of drug prices, the U.
In the U. However, Medicare, which pays for a hefty percentage of the national drug costs, is not permitted to negotiate prices with manufacturers. The average U. American nurses make considerably more than elsewhere, too. The average salary for a U. Use of a nurse practitioner instead of a family doctor can also save money. The cost of a hospital birth in the U.
Between and , prices for inpatient and outpatient hospital care rose much faster than physician prices, according to a study in Health Affairs. Download our comparison chart to see which HRA is best for you and your organization.
This article was originally published on May 9, It was last updated March 15, Topics: Health Benefits , Healthcare Costs. Are employers required to provide healthcare?
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